Mono‐ to few‐layers of 2D semiconducting materials have uniquely inherent optical, electronic, and magnetic properties that make them ideal for probing fundamental scientific phenomena up to the 2D quantum limit and exploring their emerging technological applications. This Review focuses on the fundamental optoelectronic studies and potential applications of in‐plane isotropic/anisotropic 2D semiconducting heterostructures. Strong light–matter interaction, reduced dimensionality, and dielectric screening in mono‐ to few‐layers of 2D semiconducting materials result in strong many‐body interactions, leading to the formation of robust quasiparticles such as excitons, trions, and biexcitons. An in‐plane isotropic nature leads to the quasi‐2D particles, whereas, an anisotropic nature leads to quasi‐1D particles. Hence, in‐plane isotropic/anisotropic 2D heterostructures lead to the formation of quasi‐1D/2D particle systems allowing for the manipulation of high binding energy quasi‐1D particle populations for use in a wide variety of applications. This Review emphasizes an exciting 1D–2D particles dynamic in such heterostructures and their potential for high‐performance photoemitters and exciton–polariton lasers. Moreover, their scopes are also broadened in thermoelectricity, piezoelectricity, photostriction, energy storage, hydrogen evolution reactions, and chemical sensor fields. The unique in‐plane isotropic/anisotropic 2D heterostructures may open the possibility of engineering smart devices in the nanodomain with complex opto‐electromechanical functions.